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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10491
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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We have accepted an offer on a holiday home and just realised

Resolved Question:

We have accepted an offer on a holiday home and just realised that it is in sole name and not tenants in common. Can we change this now before contacts are exchanged or should we pull out of the sale?
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

Do you have a Mortgage over the property?

I look ofrward to hearing from you.

Kind Regards

AL

Customer: replied 2 years ago.

No, we have had it for a long time without mortgage.

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Thanks for your reply.

Well, you certainly can change the ownership of your property into joint names, without too much delay. Your Solicitor would need to prepare a Land Registry Transfer document, which is signed by both of you and then registered at the Land Registry. Check with your Solicitor, but nowadays, most of us Solicitors submit our registrations to the Land Registry online, so they normally come back within 48 hours.

Please note that if you do this, then the Buyers Solicitor will no doubt ask you to pay for a Deed of Gift indemnity Policy, which is likely to cost between £250-£400 depending on the value of the property. This policy acts as an insurance for the Buyer in the unlikely event of whichever party the Deeds are held by at present, becomes bankrupt within 5 years of the date of the transfer into joint names.

I suggest that you therefore speak to your Solicitor concerning the above.

I hope this assists and answers your question.

Kind Regards

AL

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